There has been a jump from 31% of people selling their home to help funding to 40% from 2012 to 2013.

In 2012, 52% of people – the highest percentage – looked to the state to pay for some or all care; this number has dropped to 37% this year.

Pension income was the next source of funding for 45% last year, followed by 35% using savings. These numbers have also fallen to 35% and 29% respectively.

A further 9% this year said they would rent their property to give an on-going income compared to 10% in 2012.

Chris Horlick, managing director of care at Partnership, said: “Last year, we anticipated that property was likely to become a key source of funding for care. As the debate around the reform of social care funding in England has grown so too has the speed of change in attitude, as people’s belief in the State is replaced by reliance on their own means.”

“It is believed that people over the age of 65 have £753bn of un-mortgaged equity in their property. Accordingly property is an important source of value for people in retirement who are asset rich but income poor.”

He added equity release could also provide another “valuable mechanism” to enable people to cover care fees.

Horlick said regulated financial advice was critical for people who are currently paying some or all care costs and plan to use their property for funding.

Partnership’s Care Index compares attitudes towards the cost of long-term care across the UK year on year.